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    SBI cuts long-term FD interest rates by 15 bps

    Synopsis

    The bank has cut rates on long-term fixed deposits maturing in 1 year to 10 years. According to the bank's website, FDs with tenures of more than one year will now fetch 6.1 per cent, down from 6.25 per cent earlier.

    SBI reduces FD interest rates from January 10, 2020 onwards.
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    The country’s largest lender, the State Bank of India (SBI), has reduced interest rates on fixed deposits (FDs) for certain tenures by 15 basis points (bps) (100 bps = 1 percentage). The new rates came into effect from January 10, 2020 and for those FDs below Rs 2 crore.

    The bank has cut rates on long-term fixed deposits maturing in 1 year to 10 years. According to the bank's website, FDs with tenures of more than one year will now fetch 6.1 per cent, down from 6.25 per cent. For senior citizens, the FDs will return 6.6 per cent, down from 6.75 per cent earlier.

    Revised fixed deposit interest rates w.e.f. January 10, 2020
    Tenors Existing Rates for Public w.e.f.10.11.2019 Revised Rates For Public w.e.f.10.01.2020 Existing Rates for Senior Citizens w.e.f. 10.11.2019 Revised Rates for Senior Citizens w.e.f. 10.01.2020
    7 days to 45 days 4.5 4.5 5 5
    46 days to 179 days 5.5 5.5 6 6
    180 days to 210 days 5.8 5.8 6.3 6.3
    211 days to less than 1 year 5.8 5.8 6.3 6.3
    1 year to less than 2 years 6.25 6.1 6.75 6.6
    2 years to less than 3 years 6.25 6.1 6.75 6.6
    3 years to less than 5 years 6.25 6.1 6.75 6.6
    5 years and up to 10 years 6.25 6.1 6.75 6.6
    Date sourced from SBI website

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    18 Comments on this Story

    Rahul Verma208 days ago
    why
    Ganapathi Mohan NV209 days ago
    Did anybody think how the Retired people from Privarte companies survive in India?? Why we are we copying west for reducing interest rates. Are you aware that in US takes care of Senior citizens irrespective of Govt or private employees? The Govt servants get pension and DA! Hence I request Govt to think about the survival of senior citizens from private companies and allow to earn interest @ 8 to 9 % at least irrespective of Govts policy of reducing interest rates to benefit borrowers.
    Enagula nath209 days ago
    Extort from poor to makeup for the loot made by big business men and bank officials.The sham by UPA politicians
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